MARKET LAST WEEK:
It is the third consecutive week that the Indian equity markets have slipped lower. Bleak Chinese economy is one of the culprits for the chaos across global markets. China’s economy slowed down to a 25-year low clocking growth of 6.9% in the fourth quarter of 2015. Moreover, weakening Indian currency also hit the sentiment on Dalal Street. But the brakes seem to be applied, albeit temporarily as global cues seem to have picked up their pieces after Indian stock markets ended 2 percent higher on Friday, posting their biggest single-day percentage gain since October as hints of more stimulus measures from the European Central Bank lifted global markets, but still marked a third weekly fall. A recovery in crude oil prices also helped support investors' sentiment. Oil rose 5 percent on Friday to trade above the $30 a barrel mark as bouts of cold weather in the United States and Europe boosted hopes of higher demand.
MARKET OUTLOOK:
The 7200 level turned out to be crucial support for the Nifty as the index has staged a smart comeback after hitting low of 7240 during the week. Going ahead, we see multiple resistance levels, with first hurdle at 7470 followed by 7605. Looking to the OI of nifty maximum open interest addition was seen in 7300 and 7200 PUT which act as a support for nifty and for the upper side open interest addition was seen in 7800 call which act as a resistance for nifty.
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